RCS - Challenger Energy - AREA OFF-3 - Technical Update Presentation at BEOS

Challenger EnergyAnnouncement

05/03/2025 07:15

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RNS Number : 9503Y  Challenger Energy Group PLC  05 March 2025

5 March 2025

Challenger Energy Group PLC

 

("Challenger Energy" or the "Company")

 

AREA OFF-3 - Technical Update Presentation at BEOS

Challenger Energy (AIM: CEG) is pleased to advise that on 5 March 2025 the
Company's Uruguay Managing Director, Mr Randolph Hiscock, will be presenting
an update on the ongoing technical work program for the Company's AREA OFF-3
block, offshore Uruguay, at the annual Business Exploration Opportunity Summit
('BEOS') conference in London. A copy of Mr. Hiscock's presentation has been
made available on the Company's website, www.cepgplc.com
(http://www.cepgplc.com) .

Highlights from Mr. Hiscock's presentation are:

·    The technical work program for the AREA OFF-3 block is progressing
well, with the full depth reprocessing of 1,250km(2) of AREA OFF-3 seismic
data nearly complete. Initial outputs from the ongoing reprocessing are
demonstrating a significant uplift in imaging quality and data fidelity.

·    Once the final reprocessed 3D seismic data for AREA OFF-3 is received
by the Company, work can commence on seismic interpretation and associated AVO
and gather analysis, and thereafter on mapping and portfolio volumetric
assessment.

·    In parallel, the Company has evaluated the pre-existing 3D dataset
for AREA OFF-3, on the basis of which a number of leads have been screened and
prospects matured. This work has indicated several new play concepts for
further assessment upon receipt of the reprocessed 3D seismic data.

·    the Company has also purchased / obtained various complementary
technical studies and datasets relevant to AREA OFF-3, namely: (i) a satellite
seeps and slick study, (ii) a geochemical seabed survey, and (iii) a multibeam
echosounder seabed ('MBES') survey. These studies, in aggregate, lend support
to the likely presence of multiple working petroleum systems on the licence
area, as well as indicating a number of "sweet spots" to focus on once the
reprocessed 3D seismic is received.

The Company's intention remains to seek a partner for the AREA OFF-3 block via
a formal farmout process in the second half of 2025. Additional technical and
commercial updates will be provided as appropriate.

This is a Reach (i.e. non-regulatory) announcement and the information
contained is not

considered to be material or to have a significant impact on management's
expectations of the Company's performance

 

For further information, please contact:

 

 Challenger Energy Group PLC                                 Tel: +44 (0) 1624 647 882

 Eytan Uliel, Chief Executive Officer
 Zeus - Nomad and Joint Broker                               Tel: +44 (0) 20 3829 5000

 Simon Johnson/Antonio Bossi/Darshan Patel/George Duxberry
 Stifel - Joint Broker                                       Tel: +44 (0) 20 7710 7600

 Ashton Clanfield / Callum Stewart / Simon Mensley
 Gneiss Energy Limited - Financial Adviser                   Tel: +44 (0) 20 3983 9263

 Jon Fitzpatrick / Paul Weidman / Doug Rycroft
 CAMARCO - Financial PR                                        Tel: +44 (0) 20 3757 4980

 Billy Clegg / Georgia Edmonds / Emily Hall
 Jonathan Paterson - Investor Relations                        Tel: +1 475 477 9401

 jonathan.paterson@harbor-access.com

 

 

Notes to Editors

 

Challenger Energy is an Atlantic-margin focused energy company, with a current
high-impact position in Uruguay, where the Company holds two offshore
exploration licences, totalling 19,000km(2) (gross) and is partnered with
Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market
of the London Stock Exchange.

 

https://www.cegplc.com (https://www.cegplc.com/)

 

ENDS

 

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